Leading officials at the Environment and Energy Ministry have clarified that new industrial-sector electricity tariffs will not be subject to approval at a PPC (main power utility) extraordinary shareholders meeting on December 7, but, instead, the formula to be applied for determining industrial tariffs will be forwarded for approval.

An invitation forwarded to shareholders for the upcoming extraordinary meeting had noted shareholders would, firstly, be requested to endorse the abolishment of an electricity tariff discount offered to the industrial sector, a bailout demand, and secondly, endorse new industrial tariffs.

The ministry officials noted that shareholder approval of the new industrial tariffs would not be proposed as this risked prompting EU authorities to suspect the new price levels conceal state aid.

It remains unclear whether shareholder approval of the formula to be applied for determining industrial tariffs will amount to meaning that PPC is setting a fixed price for its electricity production costs.

PPC is expected to offer cost-reflective tariff deals to major-scale industrial enterprises based on their respective profiles, including size.